Persona report w/c 16.10.23

What does the mortgage market look like this week for housebuyers in the UK?

It looks like things are levelling out for homeowners, with particular changes for the London Professional persona thinking of remortgaging, with the best rate down 7.7% since last week.

The married couple 

A married couple, aged 42 and 44, with 2 children, buying a £525k house. £385k mortgage, 15-year term, LTV 73.33%, earnings of £85k and £57k

2 year fixed 

Skipton stays at the top with the best offer at £2868.27.

The average goes down from £3068.77 to £3061.75.

 

5 year fixed 

The new best offer is at £3016.38 with Halifax from £3018.70 with Virgin.

The top 10 average drops slightly from £3026.78 to £3023.61.

The London professionals

A married couple, aged 45 and 48, with 3 children. £1m house. £500k mortgage, 15-year term, LTV 50%, both earn £85k each 

 

Mortgage

The best initial rate remains at £3714.72 with Skipton BS.

Average of the top ten lenders’ initial rates was down 1.6% to £4000.32 from

 £4068.34.

 

Remortgage

New lead for the best offer at £3713.72 from Skipton, down 7.7% from Barclays’ best offer of £4027.42 last week.

The average of the top 10 lenders drops to £3964.33 from £4012.95.

First-time buyers

An unmarried couple, aged 29 and 28, no kids, buying a £525k house with a £50k deposit from the BOMAD, 25-year term, LTV 90.48%. One earns £85k, the other earns £57k

The best initial rate stays with Skipton BS at £2900.

 

The average of the initial open rates from the top ten lenders is down to £2971.48 from £2973.66.

 

For a two-year fixed mortgage, the best rate stays with Skipton BSat £3115.97 from £3184.79, The average is now at £3174.54.

Skipton BS stays in the lead for the best rate for a five-year fixed fee mortgage at £2900.04.

Couple in their twenties 

An unmarried couple, aged 28 and 29, on 38k and 32k, who have one child, looking to buy a house 170k with a 20k deposit.

The best initial rate remains with Monmouthshire BS for a 24-month deal at £873.95,  the average is now at £902 from £904.68.

 

Single person

Single person with no children after a 190k home with a 60k deposit.

 

Skipton BS keeps the best offer of £604.68 for 27 months. 

The average of the top ten lenders goes from £683.63 to £681.82.